Crypto Faces Regulatory Crackdown: Senators Unite Behind the Digital Asset Anti-Money Laundering Act
On September 15th, U.S. Senator Elizabeth Warren announced an increase to the growing alliance of bipartisan support for the Digital Asset Anti-Money Laundering Act.
Elizabeth Warren reported that 9 new Senators will be co-sponsoring the legislation. The 9 Senators joining the bipartisan coalition are:
Gary Peters (D-Mich.)
Dick Durbin (D-Ill.)
Tina Smith (D-Minn.)
Jeanne Shaheen (D-N.H.)
Bob Casey (D-Pa.)
Richard Blumenthal (D-Conn.)
Michael Bennet (D-Colo.)
Catherine Cortez Masto (D-Nev.)
Angus King (I-Maine)
After the addition of the new Senators, the Digital Asset Anti-Money Laundering Act is now supported by 15 total Co-Sponsors: (12 Democrats, 2 Republicans, 1 Independent).
The Digital Asset Anti-Money Laundering Act of 2023 (also known as bill S. 2669) was introduced into the Senate, on July 27th, by U.S. Senators Elizabeth Warren (D-Mass.), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.), and Lindsay Graham (R-S.C.).
The goal of this bill, as stated in the announcement, is to "mitigate the illicit finance risks that crypto poses".
It seeks to achieve this by "closing loopholes" and "ensuring compliance" of the digital asset ecosystem with the "anti-money laundering and countering the financing of terrorism frameworks", which govern a significant portion of the financial system.
Elizabeth Warren has been a prominent advocate in the battle against cryptocurrency since 2021.
Warren has consistently called for regulation and oversight to be implemented on crypto as a way to protect American citizens.
Senator Warren has stated on many occasions that crypto is linked with illegal activities, like being used to fund North Korea's illegal nuclear program.
“Crypto is enabling rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks. Our expanding coalition shows that Congress is ready to take action – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
- Elizabeth Warren, U.S. Senator from Massachusetts
The Digital Asset Anti-Money Laundering Act of 2023 is targeted at the cryptocurrency industry and would impose wide-sweeping restrictions and regulations.
For example, the bill would direct the Financial Crimes Enforcement Network (FinCEN) to treat "custodial and unhosted wallet providers, cryptocurrency miners, validators, and independent network participants as money service businesses."
This bill would also require all crypto platforms to implement KYC to verify the identity of each customer.
Furthermore, the bill would prohibit any "handling, using, or transacting business with digital asset mixers, privacy coins, and other anonymity-enhancing technologies".
The full text of the bill can be viewed here: https://www.govtrack.us/congress/bills/118/s2669/text/is
Would you support this bill?
Do you believe these Senators are truly looking out for you and the greater public?
What are your thoughts on this news? Join the conversation below!
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